Blockchain has received attention far beyond the cryptocurrencies and the focus has shifted in part on documents filed on patents. Although it may appear that China has dominated patenting activities in recent weeks, a number of companies (not Alibaba) have made their way through the patent landscape.
In the latest property and blockchain news, Mastercard has filed three patent applications at the United States Patent and Trademark Office, as reported this week. Among those patent depositions came details that the payment giant has developed a blockchain-based system, which aims to simplify high-volume B2B transactions. The patents are entitled "Method and system for processing point-to-point registration transactions."
In these documents, Mastercard noted that the underlying infrastructure of B2B payments is cumbersome and still focuses on individual payment transactions. The number of transactions / settlements is increasing, however, and current infrastructures are subject to tensions. The adoption of the company's Digital Ledger (DLT) technology can help data relating to such transactions be stored and used securely.
Recent news also follow the previous patent activity, in which Mastercard's patents try to use digital signatures in the signature of blockchain transactions. In more patent activities in July, Mastercard filed a patent application that was entitled "Blockchain-based Bonding System on Fiat Currency Accounts", which would pave the way for bitcoin credit card transactions.
Porting Blockchain Into The Carrier Space
In other individual business initiatives, LG Uplus is in the planning phase of testing cross-border blockchain payment solutions that would be linked to its cell division. As noted in the reports through CoinDesk, the company will bring to market a solution that focuses on cross-border payments. As reported by The Korea Times this week, LG Uplus has partnered with partners in the United States, Taiwan and Japan to implement the payment service, scheduled for early 2019.
The payments service must be based on a cross-carrier platform known as a cross-carrier payment system (CCPS). Times reported that the service will ultimately enable a carrier's subscribers to complete transactions on another carrier. In terms of transactions, LG Uplus subscribers can purchase items from various retailers while traveling abroad, which will be invoiced and paid in the national currency of the subscriber. A timely agreement, companies say, can help reduce exposure to currency fluctuations.
LG Uplus signed a Memorandum of Understanding (MOU) last week with Far EasTone Telecommunications based in Taiwan and based in Japan SoftBank. The blockchain platform will be provided by TBCASoft.
In terms of regulation and cross-border efforts, Switzerland and Israel have agreed to share their views on the regulation of the blockchain, with the initiative confirmed by "senior officials". of Finance Ueli Maurer and the Secretary of State for International Financial Matters Jörg Gasser have recently visited Israel for this initiative. They said that a report on the regulation of the blockchain will be published and handed over to the Israelis, who will offer what has been called "general recommendations". This, in turn, could be adopted by Israel and enter into force in 2020.
The details to be shared may concern the FinTech and cryptocurrency initiatives, as well as information on how to combat money laundering. Switzerland, known reports, has integrated blockchain through several verticals and "founded a so-called Crypto valley, located in the canton of Zug, where several blockchain solutions are being developed." This includes voting activities, as financial institutions have embraced start-up blockchains, also offering bank accounts to those companies.